With Sirius Satellite Radio taking on 250 million in new debt, Moody's Investors Service has downgraded some of the company's existing debt. Moody's said it had assigned a B1 rating to the new 250 million bucks 5.5-year Senior Secured Term Loan Facility.
The rating agency downgraded Sirius' 9 5/8% Senior Notes due 2013 to Caa2 from Caa1 and downgraded its probability of default rating to Caa1 from B3. Additionally, Moody's affirmed Sirius' Caa1 corporate family rating and SGL-2 speculative grade liquidity assessment. "The outlook remains developing," Moody's said.
